Pay back 2 part mortgage with different rates

Garynbourne

Hi,

We had a mortgage with HSBC and when we moved house 2 years ago we had to top up our mortgage. The top up part of the mortgage is at a far higher rate of interest than the initial part. We are on repayment for both parts of the mortgage.

My question is this:

As the whole loan is with HSBC, should we not be able to pay off the more expensive part of the mortgage before we tackle the part with cheaper interest?

Thanks for your replies,
Gary

Jimbo1976

Do you mean pay off as in make lump sum reductions or pay off through your normal monthly payment?

If its the former hopefully your new newer more expensive loan has a different sub account number so you should be able to request that any lump sum reductions pay this off first. If its the latter then your monthly payments will be split between the 2 accounts.